Top 9 Optional Coverages

Top 9 Optional Coverages

| July 27, 2020
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You may be familiar with the usual insurance coverage - liability, property coverage on your home and stuff, and car insurance, but what about the optional coverage options available for personal and even commercial insurance?  Here are a few of the optional insurance coverages available that may be included on your home, business or car policy with an endorsement or a separate policy entirely.  

Top Nine Optional Coverages

There are faults all over this great country of ours.  Just recently in South Carolina there was a tremor in the 2.2 Richter scale and though it didn't cause much damage, had the homeowner not had the Earthquake endorsement, there would have been no insurance protection for damages!  Earthquake insurance - it can be added as an endorsement on a home policy and is worth getting an estimate! Better to make an educated decision then wonder! 

Even though we haven't had a whole lot of the wet stuff that falls from the sky lately (in SC), too much of a good thing can be a bad thing.  Our Myrtle Beach office experienced just that a couple of years ago when heavy rains from North Carolina found the way via rivers and lakes causing massive flooding.  Flood damage is not a required home coverage (unless it is mandated by a lender) and is a separate insurance policy.  Fortunately, Susan Jones had flood insurance coverage, and though it was a lengthy process from start to finish, she is back in her home.  Every home can have a flood insurance policy - contact your agent today for a free estimate to find out if this coverage is for you! 

If you have ever experienced a power surge in your home or business which resulted in no property damage -- count your lucky stars! Without Equipment Breakdown Insurance, you would be restoring/replacing all damaged items out of pocket.  With most carriers, this optional coverage is a reasonable cost and covers damages caused by internal forces such as power surges, electrical shorts, mechanical breakdown, motor burnout and sometimes even operator error.  It won't cover everything damaged, but having this insurance protection definitely helps! 

While some states do not offer auto underinsured motorists, we felt it was worth mentioning just in case your state does offer! Underinsured Motorists liability insurance coverage protects the named policyholder for auto accidents, where the at-fault party--the person who caused the accident--has insurance, but does not have enough insurance protection to provide insurance benefits for either your injuries or death, your damage to your auto or both. If your state offers this protection, it's worth reaching out to your agent or give us a call. 

Sometimes incidents beyond our control happen and it's usually not during the most convenient time.  For example, while traveling from the mountains to the beach, I was unable to avoid an "alligator" in the middle of my lane on the interstate.  It wasn't a real alligator, but a large chunk of rubber from a blown tire left behind.  Traveling at 70mph in heavy traffic, I had no where to go but over it in my 1985 Chevrolet Camaro.  Would have cleared it had it not been for the oil pan.  Vacation halted in the rural area of Joanna, SC.  It's after 5pm on a Saturday in a small town.   Odds were not looking good.  Fortunately, I had Roadside Assistance and was able to get it towed to a local shop; repairs done and back on the road 3 hours later.  It is worth the peace of mind to have Roadside Assistance--a lifeline when unexpected incidents occur and there is no one available to help.  

Let's say in the same scenario above, after hitting the "alligator" my car hit another car. If my car wasn't able to get repaired immediately, and I needed a rental car while the repairs were being done.  With Rental Reimbursement Coverage on my auto policy, I could have paid to rent a car, kept my receipts and filed a claim to receive my rental reimbursement costs.  In order to receive reimbursement my car would need to be repaired from an auto accident.  If my car was fine, but I just rented a car to avoid wear and tear on my car, and drove it without incident, to the beach, I would not be able to file a claim for rental reimbursement.  

 Another homeowner optional coverage to consider including on your own policy is sewer and water backup coverage.  If you have ever experienced sewer backup, you know how traumatic this can be.  I have found that anytime water backs up it causes more stress than I want to deal with.  Normally homeowners insurance policies do not cover sewer clogs, but with the optional rider added it can provide coverage for damage done to the house by water.  Talk with your agent to find out if this would be beneficial to add to your home policy.  

Identity Theft insurance.  It is a real and necessary coverage to have for nearly every household.  On June 29, 2020, we shared a blog about "The Elephant in the Room:  Identity Theft" and shared personal stories of several of our team's experiences.  There are many places to lose your identity and the task of restoring it -- proving you are really you and not some imposter -- is stressful and time consuming.  Having this protection helps you have a knowledgeable team of experts to help walk you through the process.  Plus some offer free monthly credit monitoring.  Bonus! 

Own a business? Then you may want to evaluate whether Cyber Liability protection is the direction you need to go to protect your client's personal information.  All it takes is just one time to cause chaos.  And with chaos comes stress.  Keep your CEO stress-free, research and contact an agent to learn more. 

Learn More 

With any of these optional coverages, our team with Consultative Insurance Group, Inc. is ready to help! Our knowledgeable team is ready to consult with you to learn your specific needs, and match which optional coverage is needed.  You can click Our Team or give us a call to learn more! 

Consultative Insurance Group, Inc.   Corporate Office:  25800 North Depot St., Olmsted Falls OH 44138   1.800.886.0305   

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